Major cryptocurrencies XRP, Solana and Chainlink might be candidates for a potential price rebound if indications presented by current market sentiment turn out favorable.
According to Santiment, Chainlink, Ethereum, Bitcoin, Solana and XRP are the assets that the crowd has acted the most negatively toward during this mild crypto slump.
😨 Chainlink, Ethereum, Bitcoin, Solana, and XRP are the assets the crowd has turned the most negative on during this mild crypto slump. Coins with the most bearish crowd narratives historically have the best chance of rising. Here are the 20 best candidates:🪙1) #Chainlink… pic.twitter.com/9NzhjE0F0Z
— Santiment (@santimentfeed) October 9, 2024
Since the start of the week, the crypto market has experienced a sell-off fueled by macroeconomic concerns and profit-taking. The sell-off accelerated in Tuesday's trading session, as investors digested Federal Reserve meeting minutes while waiting for new inflation data.
At the time of writing, the cryptocurrency market was still reeling from losses, with most cryptocurrencies trading in the red.
card
XRP, Solana and Chainlink are all selling lower amid the current market drop. While these coins are facing negative crowd sentiment, Santiment highlights the silver lining in this scenario: coins with the most bearish crowd narratives historically have the best chance of rising.
XRP, Solana, LINK: Price surge imminent?
Santiment identified a trend that has played out in most market drops: cryptocurrencies with the most bearish crowd narratives often have the greatest likelihood of experiencing a price rebound. This counterintuitive trend is based on the idea that strong negative sentiment can indicate a market bottom, allowing for a price reversal as sentiment shifts.
Santiment went on to list the 20 best candidates with the most bearish crowd narratives. Chainlink, Ethereum, Bitcoin, Solana and XRP saw the most negative sentiment ranking first to fifth; this, according to Santiment, makes them candidates for price bounces.
card
Other cryptocurrencies listed by Santiment in the fifth to twentieth places include Optimism (OP), Polygon (POL), Sui (SUI), Cronos (CRO), Fantom (FTM), Avalanche (AVAX), Cardano (ADA), Render (RENDER), Floki (FLOKI), Pepe (PEPE), Toncoin (TON), Filecoin (FIL), Injective (INJ), Shiba Inu (SHIB) and Tron (TRX).
In the coming days, eyes will be on these coins to adjudge their price moves in light of the overall crypto market trend. October is regarded as a positive month for cryptocurrencies; yet, the probability of price increases for these cryptocurrencies remains unknown, as historical returns do not guarantee future results.
